First college to raise $1B in a single year is Stanford University, survey saysBy Angel Cuala on Feb 21, 2013 in Colleges, Finance, United States, Universities •
Stanford University becomes the first college to raise $1B in a single year, thus setting a new record for college fundraising, according to the latest Voluntary Support of Education (VSE) survey, conducted by Council for Aid to Education (CAE). Harvard University raised more than half only of Stanford‘s funds.
Stanford University logo
Image Credit: Stanford.edu
According to a pdf file report at CAE.org this Wednesday, February 20, 2013, around 3,500 colleges and universities in the US have raised a total of $31 billion in the 2012 fiscal year. Although it is 2.3 percent higher than the previous year, it is still lower than the record set back in 2008, at $31.6 billion.
As noted in the press release, Stanford University raised $1.035 billion and has been leading against any other university for 8 consecutive years. Harvard University raised $650 million, followed by Yale University at $544 million. University of Southern California had $492 million, and Columbia University had $490 million.
For the past 30 years, Harvard University is the leading financial institution, making it to the top for 14 times. On the other hand, Stanford University made it 14 times; while the University of Southern California, Los Angeles (UCLA) made it once on the top, back in 2002.
Apparently, Stanford University broke its own record of $911 million which the school set in 2006, and had an increase of 46 percent as compared to its collection of $709 million in 2011. Nevertheless, around 52.8 percent) of the reporting institutions in 2012 had almost the same amount as they did in 2011.
“At the time of this release, the signs are positive for 2013. However, no one knows precisely how strong the economy will be in June, when universities make their fiscal year-end appeals. And, many other factors matter, including tax legislation, the incidence and value of major gifts, and the cases individual institutions advance for support.” Survey director Ann E. Kaplan was quoted in the report.
“Forecasting the level of philanthropy is only valuable if it provides reliable data that enable institutions to make better decisions. It is too soon to accurately forecast how much will be raised in 2013. Such a forecast–even one that coincidentally turns out to be accurate–could be a distraction to advancement professionals.” Kaplan added.
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